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The dollar fell to around ¥104.50 in Tokyo trading Monday, as concerns over the third wave of the novel coronavirus pandemic in the United States grew further.

At 5 p.m., the dollar stood at ¥104.42, down from ¥105.04 at the same time Friday. The euro was at $1.1855, up from $1.1814, and at ¥123.83, down from ¥124.12.

After moving in the ¥104.60 zone early in the morning, the dollar fell close to ¥104.50 by the early afternoon. After seeing a pause in selling, the greenback slid below that level in trading joined by European players.

Despite stock price rises in the wake of a Regional Comprehensive Economic Partnership pact by 15 Asian and Oceanian nations, “the dollar-yen pair’s topside was heavy” amid the accelerating pandemic in various parts of the United States, a currency broker said.

Risk appetite is increasing thanks to prospects that an effective coronavirus vaccine will be made publicly available shortly, but optimism cannot be warranted for the currency pair, traders warned.

“The current coronavirus resurgence may be reflected in forthcoming economic indicators,” a securities house official said.

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